The Real Estate Institute of Victoria (REIV) has forged a collaboration with data technology firm PointData to leverage its exceptional data and market insights, giving its members a competitive advantage in the real estate market.
PointData, an innovative AI-driven company, has introduced groundbreaking data and analytics capabilities, including comprehensive insights into the untapped potential of land subdivision. These capabilities empower real estate agents to unlock the full value of residential properties.
One of the notable features offered by PointData is the Micro-Market Price Index, which presents growth trends at a highly detailed neighborhood (street) level. This feature provides real estate professionals with a distinct advantage in the marketplace.
REIV CEO Quentin Kilian expressed his belief that the uniqueness of the data will enhance the institute’s data insights and equip members with an edge to facilitate listings through more impactful conversations with vendors.
“AI technology is transforming real estate, providing real-time data and analytics that enable agents to make informed decisions, and PointData is at the forefront of this new paradigm. This technology is unlocking new possibilities, improving efficiency, and ultimately delivering a better experience for buyers and sellers.” stated Mr. Kilian.
The initial phase of the partnership between REIV and PointData will involve the launch of a new publication for members called ViewPoints. Subsequently, exclusive tools will be introduced for buyers’ agents, granting them access to over 510,000 development sites, both on and off the market, along with data feeds tailored for real estate businesses.
George Giannakodakis, CEO and Founder of PointData, described the partnership as a game-changer that offers enhanced benefits for vendors, agents, and the industry as a whole through advanced technology and analytics. This collaboration equips stakeholders with an unparalleled level of dynamic real estate data and knowledge.
“Our algorithms have been developed over several years and will provide competitive advantages to the industry in Victoria with its ease of use, speed and accuracy,” said Mr. Giannakodakis.
He further highlighted that since approximately 60% of listings are not classified as development sites, agents can utilize PointData’s Development Report to update their listings, showcase the full development potential (subject to council approval), enhance the market appeal of the property, and ultimately secure better prices and faster sales for their vendors.
PointData introduces a novel class of analytics, making it the first of its kind in Australia. The partnership between REIV and PointData marks a significant stride forward for the vast network of real estate agents associated with the REIV.